Bank of America – Dunleavy needs a state to end ties with banks that haven’t funded oil operations for the Arctic Fintech Zoom

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Bank of America – Dunleavy needs a state to cut ties with banks that haven’t financed oil operations for the Arctic

Analytical biologists stop in the many wetlands of the coastal plain, with Brooks Vary in the background. During the short season of territorial analysis, the biologists live and work in this remote camp on the edge of the continent. (Lisa Hupp / USFWS)

Governor Mike Dunleavy needs state agencies to sever ties with financial institutions that have failed to fund oil and gasoline growth in the Arctic.

Dunleavy announced in a briefing on Monday that its administration will introduce a bill during the upcoming legislature that may require government departments and corporations to end their current relationships with corporations.

Dunleavy’s proposed transfer follows a series of bulletins from major banks and lenders that they have not received money for oil and gasoline operations in the Arctic. These companies include Wells Fargo, Bank of America, Goldman Sachs and JPMorgan Chase.

Environmental teams trying to contain drilling at the Arctic Nationwide Wildlife Refuge have campaigned for banks to foreclose investments in Arctic oil growth.

The information launch on Monday from the governor’s workplace said the proposed laws would “protect Alaska’s economy”.

“It makes no sense for Alaska to allow financial institutions to profit from Alaska’s financial activities on the one hand and to work against our interests on the other,” said Dunleavy.

CONNECTED: Nervousness creeps into oil-dependent Alaska as banks once again step back from funding the Arctic

The exact impact Dunleavy’s proposal would have on state-owned companies was not immediately clear.

Jeff Turner, the governor’s spokesman, said the scope of the change could be included in the bill, and said the document would not be available until Monday. He also stated that as of Monday he did not have an inventory of the financial institutions the proposal would prohibit state-owned companies from using.

The Alaska Wilderness League, a vocal opponent of the Arctic drilling, was quick to criticize Dunleavy’s plans to introduce the bill, saying the governor lacks the broader level that “speculative, high-cost projects in places like Alaska’s Arctic are no longer attractive to investors. especially with the realities of climate change and as more lucrative opportunities for renewable energies or unconventional oil exist in the south. “

Federal agencies plan to conduct their first oil and gasoline lease sale in the coastal plains of the Arctic Refuge on Jan. 6.

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Reach out to reporter Tegan Hanlon at [email protected] or 907-550-8447.

Bank of America – Dunleavy needs a state to cut ties with banks that haven’t financed oil operations for the Arctic


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